Generally owners of multiple, usually smaller properties who plan to build net worth through appreciation then move onto larger properties
Typically form a limited (private or public) partnership to purchase real estate
Either build to sell or "build and hold," and can be small and local or large and regional
Includes individuals and institutions and typically seek properties that are relatively conservative
Include insurance companies, real estate divisions of corporations, real estate investment trusts, etc.
Administrators of trusts and pension funds